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Pennsylvania Real Estate Investment Trus (PEI) filed Quarterly Report for the period ended 2011-09-30.
Pennsylvania Real Estate Investment Trust has a market cap of $530.1 million; its shares were traded at around $9.52 with a P/E ratio of 5.4 and P/S ratio of 1.2. The dividend yield of Pennsylvania Real Estate Investment Trust stocks is 6.3%. Pennsylvania Real Estate Investment Trust had an annual average earning growth of 1.7% over the past 10 years.
This is the annual revenues and earnings per share of PEI over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of PEI.
Highlight of Business Operations:
NOI includes lease termination revenue of $0.2 million and $0.4 million for the three months ended September 30, 2011 and 2010, respectively, and $0.9 million and $2.8 million for the nine months ended September 30, 2011 and 2010, respectively.Gains on sales of interests in real estate were $1.4 million in the nine months ended September 30, 2011 due to a $0.7 million gain from the sale of a parcel and related land improvements at Pitney Road Plaza in Lancaster, Pennsylvania and a $0.7 million gain from the sale of a condominium interest in the mall at Voorhees Town Center, in Voorhees, New Jersey.
Net cash provided by operating activities totaled $73.7 million for the nine months ended September 30, 2011 compared to $81.6 million for the nine months ended September 30, 2010. This decrease in cash from operating activities was primarily due to decreased net operating income as the result of a decrease in lease termination revenue, increased common area maintenance expenses and real estate taxes, and the disposition of five power centers in September 2010.
Cash flows used in investing activities were $3.9 million for the nine months ended September 30, 2011 compared to cash flows provided by investing activities of $103.6 million for the nine months ended September 30, 2010. Investing activities for the nine months ended September 30, 2011 reflect investment in construction in progress of $15.6 million and real estate improvements of $26.6 million, primarily relating to our ongoing maintenance of our properties, and $7.3 million of proceeds from sales of real estate. Investing activities also reflect $30.4 million in proceeds related to mortgage loans at three of our unconsolidated properties. Investing activities for the nine months ended September 30, 2010 reflect $134.7 million in proceeds from the sale of five power centers, as well as a $10.0 million decrease in notes receivable from tenants. Investing activities for the nine months ended September 30, 2010 also reflects investment in construction in progress of $19.4 million and real estate improvements of $18.4 million.
action, the eight remaining stores operated by Borders in our portfolio closed during 2011. In connection with the planned liquidation, in the three months ended June 30, 2011, we recorded write-offs of $0.7 million of straight line rent and $1.0 million of tenant allowances. The liquidation of Borders and subsequent closures of the remaining stores in our portfolio are resulting in the loss of annual rental revenue from those stores, but we have signed leases or are in discussions with tenants for most of them.
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